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Property Tax Statement: Tax statements are the best form of current proof of ownership, and in most cases, the easiest to obtain. If the tax statement does not list a physical street address, supporting documentation from the documentation types shown below can be utilized to obtain a physical address.
Does a warranty deed show proof of ownership?
No, a warranty deed does not prove ownership. A title search is the best way to prove that a grantor rightfully owns a property. The warranty deed is a legal document that offers the buyer protection. In other words, the property title and warranty deed work in tandem together.
Why would someone do a warranty deed?
A Warranty Deed can protect the seller from legal implications if disputes arise after the transaction. The grantor assures the grantee they are responsible for past discrepancies, thus protecting the buyers interests.
What are the disadvantages of a warranty deed?
Limitations of Warranty Deeds While warranty deeds offer some key benefits, there are also some limitations, such as: A special warranty deed only guarantees that the title is clear of any claims or encumbrances during the time that the grantor owned the property.
What deed proves ownership?
House Deed, Defined When you purchase a home, youll receive the property deed a legal document that provides a description of the property and declares your ownership, or title, over it. Both the grantor and grantee are responsible for signing the document toward the end of the closing process.
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When you own a home, the deed is the physical document that proves ownership. The title is the concept of legal ownership that the deed grants you. You can think of the deed as the document that transfers, or passes on, the title or the right to ownership. When you buy a home, you need both.
What is the difference between a quitclaim deed and a warranty deed in Arkansas?
Unlike a Warranty Deed, the Quitclaim Deed does not include any guarantees about the Propertys title. All a Quitclaim Deed does is transfer the exact same rights the owner has at that specific time. If there are outstanding claims against the property, the buyer will be subject to all of the claims.
Related links
A 30 Minute Primer on Arkansas Conveyance Law
by B Warren 2007 In Arkansas the Duhig rule only applies to the construction of a reservation in a warranty deed when the immediate parties to the deed are not the parties
Warranty reserves are based primarily on claims experience, sales history and other considerations. Warranty costs are recorded in Cost of Sales. We offer
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